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June 05, 2023
Friday at a glance: OGE rallied 1.91% and ended the session at $35.68.
United States Services PMI is next today at 13:45 UTC.
OGE Energy Corp. made an initial breakout above its 10 day Simple Moving Average at $35.58, a potential indicator of a newly emerging bullish phase. OGE is currently trading around the $35.68 Fibonacci resistance level. Despite this, OGE could be slowing down soon; it is getting close to the resistance line and is now at $36.03, only 35 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems OGE might continue pointing upwards in the short term.
A look at other utilities stocks also showed bullish price action as NextEra Energy traded at $73.85 after closing Friday's trading day at $72.96 (up 1.22%).
The market is looking forward to the release of new data: United States Services PMI figure is projected at 55.1. It previously stood at 53.6; data will be released today at 13:45 UTC. United States ISM Non-Manufacturing PMI (May) is expected today at 14:00 UTC. United States EIA Short-Term Energy Outlook will be released tomorrow at 16:00 UTC.
Pointing downwards for around a month. Approximately 9 months ago, the electric utility company reached a significant high of $42.78 but has struggled to hold onto its gains and declined 18.16% since then.
